This is a blank-check SPAC that raised $345M in a January 2026 IPO at $10.00 per unit, with proceeds held in trust while the company searches for an acquisition target. The SPAC is sponsored by a partnership of Kraken (the crypto exchange), Tribe Capital (a fintech and crypto-focused venture firm), and Natural Capital (a SPAC-focused investment platform). While the mandate is flexible, the SPAC intends to focus on the digital asset ecosystem — specifically infrastructure, payment networks, tokenization platforms, and compliance solutions at the intersection of DeFi and TradFi. The sponsor paid $25,000 for 8,625,000 Class B founder shares, representing roughly 20% of post-IPO shares outstanding. If a Business Combination closes, these shares convert to equity in the combined company at effectively zero cost, representing the sponsor's economic upside. Public shareholders have downside protection via redemption rights at approximately $10.00 per share if they dislike the proposed deal or if no deal closes. The SPAC has 24 months from the January 2026 IPO close to complete a Business Combination; if it fails to do so, it must liquidate and return trust funds to public shareholders. The sponsor argues its differentiators are Kraken's established relationships across the digital asset ecosystem, its operating experience as a decade-old crypto exchange, and regulatory expertise across multiple jurisdictions. No acquisition target has been identified or announced.